Bitcoin · U.S. Treasury · SEC · Decrypt
Datavault AI stock slides 50% after firm confirms it cannot withdraw bitcoin tied to $150 million agreement
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Datavault AI shares fell more than 50% on Tuesday to close at $0.06, after the Nasdaq-listed company disclosed that it has been unable to withdraw Bitcoin from the crypto exchange Biconomy since June.
Key facts
- On June 24, 2026, the same month Datavault says it asked to withdraw its Bitcoin, Scilex signed a binding term sheet to buy 837 BTC held in Datavault's Biconomy wallet for $50 million, subject
- The restatements are expected to cut total assets by $8.1 million as of Sept. 30, 2025, $92.2 million at the end of 2025, $57.1 million as of March 31, and $49 million as of June 30
- Scilex agreed to an initial $30 million payment and the remaining $20 million in quarterly installments through Dec. 31, 2028, payable in cash or Scilex securities at its discretion
- At $112,915.52 per Bitcoin, the deal came to about 1,328.43 BTC
Summary
Datavault AI shares fell 49.55% to $0.067 on Oct. 27 after an SEC filing said the company has been unable to complete a June request to withdraw Bitcoin from Biconomy. The company will restate four financial reports, cutting reported assets by up to $92.2 million, after reclassifying Bitcoin from a $150 million Scilex stock deal as a subscription receivable. Management is reassessing its going-concern status because it had counted the Bitcoin as a source of liquidity and says collecting what Scilex owes is uncertain. The disclosure came in a Form 8-K filed Oct. 26, in which Datavault said it requested a withdrawal to an external account in June and has been “unable to complete the withdrawal.” The filing does not explain what is holding it up.